Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Medical reform committee kicks off despite boycott from doctors
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Lotte buys Manhattan hotel for $805m
Lotte Group said Sunday that it has sealed a deal to buy the New York Palace Hotel in Manhattan for $805 million from U.S. real estate management firm Northwood Investors.Hotel Lotte, one of the group’s core business units, plans to set up a new company in the United States to operate the hotel and complete the takeover by August. The deal, signed on Friday, marks the first time for Lotte to run a hotel in the heart of New York City.The New York Palace Hotel is a luxury hotel located in Midtown
May 31, 2015
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New DSME chief outlines full-fledged restructuring
The new head of Daewoo Shipbuilding & Marine Engineering, one of the nation’s big three shipbuilding and offshore firms, unveiled plans for a massive restructuring in its operating portfolio and a refocus on core operations after posting an operating loss for the first time in eight years in the first quarter of 2015.“We will focus on our core business ― merchant ship, special vessel and offshore plant segment in order to avoid dispersion of resources caused by business portfolio diversification
May 31, 2015
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[Photo News] Growth engine in Jeju
May 31, 2015
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[Weekender] ‘Vloggers’ at forefront of one-man media
Today, in a world where anyone can easily upload a video of themselves doing anything and everything, video blogging has become the new mode of self-expression.“Vloggers” ― or video bloggers, who film or live-stream their thoughts, ideas and interests, have become tremendously popular here in the past years. Some of them rack up fans just like K-pop celebrities, while others are earning significant income through broadcasting online.The genres vary, befitting the increasing influence of video co
May 29, 2015
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Energy firms expand use of smart tech
In South Korea ― one of the strongest IT powerhouses in the world ― information and communication technology is increasingly taking on a bigger role in drawing the local energy and resource sectors closer to users.The Korean government is actively cooperating with tech firms to make electricity monitoring and payments more convenient while also working to build new ICT-based infrastructure to provide households with real-time information regarding water use.The state-run Korea Electric Power Cor
May 29, 2015
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Nature Republic site priciest property in Korea
Budget cosmetic brand Nature Republic’s flagship store in Myeong-dong, central Seoul, was once again pegged as the priciest piece of real estate in the country, the Ministry of Land, Infrastructure and Transport said Thursday. According to the authority, the price of Chungmuro 1-ga 24-2, Jung-gu, Seoul, was appraised at 80.7 million won ($728,310) per square-meter, the highest in the country. The price is about a 5 percent jump from 77 million won assessed last year, and has topped the list for
May 28, 2015
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SK Innovation pledges reform
The CEO of SK Innovation, South Korea’s top oil refiner, on Thursday vowed to overcome difficulties facing the oil industry by overhauling its business structure. “Through reforming our business structure and profit routes, SK Innovation will turn the current industry crisis into an opportunity for growth. We will not waste a good crisis,” said company CEO Chung Chul-khil at a press conference in Seoul.Korean refiners ― which rely mainly on exports of its oil products for profit ― have been faci
May 28, 2015
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Daewoo E&C shows promise in restoring Algerian river
Daewoo Engineering & Construction has been restoring the Oued El Harrach River in Algeria after winning the refurbishing project in June 2012.The river, running through Algeria’s capital Algier, had been heavily polluted due to trash, soil pollution and industrial sewage.The project was commissioned by the Algerian Ministry of Water Resources to a consortium of Algerian construction company Cosider and Daewoo E&C ― which has a 70 percent stake at 343 billion won ― making it the first overseas ri
May 28, 2015
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Are Toyota, Mazda gearing up for merger?
TOKYO ― The “odd couple” of the Japanese auto industry ― Toyota and Mazda ― recently announced they were planning to forge even closer ties.At a press conference a few weeks ago, the heads of the two firms ― Japan’s largest carmaker and one of its smallest ― announced they had agreed to further expand their already close relationship.But the top executives were careful to indicate that it was “more of an engagement,” than a wedding, as no financial transactions were involved. Despite their attem
May 28, 2015
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Korean Air employees help make Mongolia greener
Some 170 Korean Air employees flocked to a Mongolian desert to plant trees as part of voluntary environmental conservation efforts, the South Korean carrier said Thursday.A total of 600 people, including Korean Air’s new employees, executives and Mongolian residents, participated in the activity in the Baganuur Desert from May 18-29. Mongolia has suffered from the effects of climate change, with 76 percent of its land vulnerable to desertification, the damaging effects of which have spilled over
May 28, 2015
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KT Wiz release struggling pitcher Andy Sisco
South Korean baseball club KT Wiz on Wednesday released their struggling pitcher Andy Sisco.The expansion team in the Korea Baseball Organization (KBO) said they are currently looking for Sisco's replacement, possibly a position player.The 32-year-old left-hander began the season in the rotation before early woes forced him to the bullpen.Sisco made 17 appearances with a 0-6 record and a 6.23 ERA. He struck out 42 batters in 39 innings.Sisco is the third foreign player to be released from the KB
May 27, 2015
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Jeju, LG Group aim for ‘carbon-free’ island by 2030
Jejudo Island and LG Group have joined hands to make the province carbon-free by the year 2030. The two signed a memorandum of understanding on Tuesday to initiate the “Global Eco Platform Jeju” project ― a 6 trillion won ($5.4 billion) investment project that aims to ensure that the island is powered solely by renewable energy by the 2030 deadline.The project’s agenda includes expanding the island’s wind turbines to reach a capacity of 2.35GW before 2030 ― up by more than 15 times from their cu
May 27, 2015
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Kumho Asiana discusses investment with Vietnamese delegation
Kumho Asiana Group chairman Park Sam-koo and Ho Chi Minh City Party Committee secretary Le Thanh Hai met in Seoul on Wednesday to discuss ways to expand business investments and exchanges between the two sides. “Korean enterprises have played an important role in signing the free trade agreement and building a firm partnership between Korea and Vietnam,” the Vietnamese secretary said. During their visit to Korea from May 23-30, the delegation of 14 high-ranking Ho Chi Minh City officials includi
May 27, 2015
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Hyundai E&C makes progress in Latin America
Hyundai Engineering & Construction has been making strides in the Latin American market since setting up a branch in Bogota, Colombia, in 2010.A Hyundai E&C spokesperson said the company had decided to enter the Latin American market as construction in the Middle East became overly competitive, and set to establish itself in the largely unexplored region in advance.The company said they have now started seeing tangible results in Latin American countries, augmenting their reputation as a builder
May 27, 2015
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[Herald Interview] K-pop, Chinese tourist influx turn Swarovski’s eyes to Korea
The Korean pop culture wave spreading across the globe has even touched the jewelry industry, said Hermann Winkler, senior vice president of sales operations in North Asia at Swarovski. “When you put ‘K (for Korea)’ in front of something, it suddenly works magic,” Winkler said in an interview with The Korea Herald last week. He visited Seoul to speak at the International Luxury Conference 2015 held May 20-21. “And I am definitely hoping for ‘K-crystal’ to be developed. I am sure it will soon bec
May 27, 2015
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POSCO’s steel mill project gets Chinese approval
POSCO, the country’s leading steelmaker, was granted approval by the Chinese government to build a steel mill there with an annual capacity of 3 million tons, the company said Wednesday. Once the company gets the green light from the South Korean government, POSCO will build the facilities in the southwestern city of Chongqing, which will produce steel using the firm’s self-developed Finex technology. The development comes less than two years after the company and Chinese steelmaker Chongqing Ir
May 27, 2015
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Sales at discount outlets, department stores gain in April
Sales at South Korea's department store chains grew slightly from a year earlier last month, with those of major discount outlet chains also showing signs of improvement, the government said Wednesday.The combined sales of three major department store chains gained 1.3 percent from the same month last year in April, according to the Ministry of Trade, Industry and Energy.The increase marked a turnaround from a 5.7 percent on-year drop in the previous month."Sales at department stores rose from a
May 27, 2015
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Samsung to merge two major units
Cheil Industries and Samsung C&T ― two key affiliates of Samsung Group ― announced Tuesday they would merge in September, aiming to become a 60 trillion won ($59 billion) global enterprise by 2020. Cheil Industries is the de facto holding company of Samsung Group, and Samsung C&T is the group’s construction and trading arm.“The merger will pave the way for us to become a leading company in people’s lifestyles ranging from fashion to food, housing and leisure, alongside bio-industry. It will also
May 26, 2015
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POSCO subsidiary to submit debt workout plans
POSCO Plantec on Tuesday decided to submit workout plans to its creditors, the company said on Tuesday.The main creditor, the Korea Development Bank, will decide whether to approve the plans early June.If the plans are rejected, and the parent company declines to inject more funds into the unit, POSCO Plantec will become POSCO’s second subsidiary in its 47-year history to be put under court supervision.The plant parts unit also confirmed that about 89.2 billion won ($81.2 million) of its loans i
May 26, 2015
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[SUPER RICH] Jack Ma enters Korean market to expand Alibaba empire
Jack Ma, the chairman and founder of Alibaba Group Holding Ltd. who holds assets worth $36.4 billion, visited South Korea for the third time on May 17 to announce the launch of the Korea Pavilion on T-Mall, a business-to-consumer online retail channel.T-Mall is a profitable business for Alibaba Group Holding Ltd., with gross merchandise volume of 763 billion yuan (about $123 billion) last year.The Korea Pavilion, which opened May 18, deals with Korean retail items. The decision stems from the po
May 26, 2015